Local media have dubbed BTC Global Team as “one of the biggest bitcoin scams to hit South Africa”.

Following the filing of 27,500 complaints, South African authorities have confirmed an investigation into BTC Global Team.

BTC Global Team complaints are
reported
to have been filed primarily from victims in South Africa, the US and Australia.

Hawks spokesman Captain Lloyd Ramovha on Thursday confirmed that the serious commercial crimes unit was investigating complaints against BTC global‚ a company in which thousands invested cryptocurrency valued at over $50-million by transferring bitcoins into an online wallet address.

“I have spoken to one of the investigators in our team and he has confirmed that this matter came to them about two weeks ago.”

“The amount is over $50-million and could rise as more victims come forward‚” said Ramovha. He could not confirm if the scam artists were South Africans.

“The investigation is in its infancy. I also cannot say whether it is a Ponzi scheme. BTC Global is being investigated for contravening the Financial Advisory and Intermediary Services Act‚” he said.

BehindMLM
reviewed BTC Global Team
 last November and, based on its business model, concluded it was a Ponzi scheme.

Following BTC Global Team’s collapse, research revealed
it is likely being operated by locals Cheri Ward and Andrew Caw
– who together may be working with others based in South Africa.

🤖 Quick Answer

What is BTC Global Team under investigation for?
BTC Global Team faces criminal investigation by South African authorities following 27,500 complaints alleging a cryptocurrency scam. The serious commercial crimes unit is examining allegations that thousands of victims lost over $50 million by transferring bitcoins to online wallet addresses controlled by the company.

Which countries reported the most BTC Global Team complaints?
Complaints against BTC Global Team were filed primarily by victims in South Africa, the United States, and Australia. South African authorities confirmed the investigation after receiving thousands of formal complaints from affected investors across these three nations.

How much money is involved in the BTC Global Team investigation?
The BTC Global Team investigation involves cryptocurrency losses exceeding $50 million. Victims transferred bitcoins into online wallet addresses, making it one of the largest cryptocurrency scams reported in South Africa according to local media sources.

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